According to U.Today, veteran trader Peter Brandt has shared his perspective on the recent price movements of Solana (SOL). Brandt expressed skepticism about the notion that Solana has experienced a definitive breakout. He pointed out that the current price action appears to form a diagonal pattern rather than a clear breakout signal. Brandt emphasized that he would not consider it a breakout until Solana surpasses its May high. However, he also noted that even if this level is breached, the resistance levels beyond are not favorable, potentially leading to significant selling pressure and making it difficult for SOL to sustain its upward momentum.

At the time of writing, Solana was down 5.82% in the last 24 hours, trading at $168.18, reflecting a broader decline in the cryptocurrency market. While Brandt remains cautious, other analysts have different views. Crypto analyst Ali Martinez believes that Solana has officially broken out from a bullish pennant, suggesting a potential 900% rally ahead. Martinez indicated that Solana might be targeting $1,000, based on early signs of a breakout from the bullish pennant pattern.

Martinez further clarified that the journey to $1,000 would not be immediate, noting that the flag’s pole took 184 days to form as prices rose from $11 to $192. He mentioned that there would be corrections along the way, with one potentially bringing the price back to the breakout point at $167 before higher highs are achieved. In a recent tweet, Martinez highlighted a resemblance between Solana's current price action and its pattern in July 2021.